Equity calls: Pradhan, Raychaudhuri

Tushar Pradhan, Goldman Sachs: The repo and the CRR hike is a welcome step as it will curb down the inflationary expectations. We do not expect near-term inflation to cool down as a result of this move but adds that growth is likely to moderate to 7.5-8%.

Manishi Raychaudhuri, UBS Securities: The RBI policy action was expected but both CRR and repo rate being hiked together and the extent of the hikes was not. The market is likely to react negatively as economic headwinds remain & inflation may rise further till Oct-Nov. The market is trading around 14x earnings & is likely to bottom around 12-13x. I expect banks to announce hike in rates.